13.1. The main object of the Eldon Law Scholarship Fund shall be the award of Eldon Law Scholarships to suitable members of the University intending to follow the profession of the law.
13.2. The Eldon Law Scholarship Fund shall be administered by the Board of the Faculty of Law.
13.3. After payment of any expenses of administration the net income of the Eldon Law Scholarship Fund shall be applied by the board in maintaining scholarships, to be called Eldon Law Scholarships, which may consist of single payments, or of not more than three annual payments, which may be of varying amounts, as the board shall determine in each case.
13.4. The following persons only shall be eligible to receive Eldon Law Scholarships, namely those members of the University of Oxford who:
(1) have passed their examination for the Degree of Bachelor of Arts or for the Degree of Bachelor of Civil Law or for the Degree of Magister Juris in European and Comparative Law; and
(2) have either been placed in the First Class or been awarded a distinction in one or other of the above examinations or in Honour Moderations or have gained one of the Chancellor's Prizes; and
(3) intend to follow the profession of the law; and
(4) have applied for one of the scholarships either before, or within a period of two years beginning on, the date of their call to the Bar.
13.5. In awarding the scholarships the board shall take into account the financial circumstances of the applicants.
13.6. Within the limits prescribed by this Part, the board shall have full power to make rules for the award of the scholarships, including rules as to the value and period of tenure of the awards, and the qualifications, and method of ascertainment and selection, of beneficiaries.
13.7. Congregation may from time to time amend this Part so long as the main object of the fund, as defined in section 13.1 above, is always kept in view.